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Walmart-Backed PhonePe Buys Indian Wealth Management Firms

  • Indian payments firm acquires WealthDesk for $50 million EV
  • PhonePe also acquires OpenQ for $25 million including debt
Advertisements and QR codes on a desk at the PhonePe headquarters in Bengaluru, India.

Advertisements and QR codes on a desk at the PhonePe headquarters in Bengaluru, India.

Photographer: Samyukta Lakshmi/Bloomberg
Updated on

PhonePe, an Indian payments company backed by Walmart Inc., will acquire two wealth management firms for a total enterprise value of $75 million.

The firm will buy WealthDesk for about $50 million and OpenQ for nearly $25 million including debt, people familiar with the matter said, asking not to be identified as the details are private.